This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
The District of Columbia Change or Modification Agreement of Deed of Trust refers to a legal document used in the District of Columbia to make amendments to an existing deed of trust. This agreement enables changes to be made to the terms and conditions outlined in the original deed of trust, often due to changes in circumstances or the need for modifications. One type of District of Columbia Change or Modification Agreement of Deed of Trust is the Loan Modification Agreement. This agreement is typically used when a borrower is experiencing financial difficulties and seeks to modify the terms of their loan to make it more affordable. It may involve adjusting the interest rate, extending the loan term, or changing the repayment structure. Another type is the Release of Liability Agreement. This agreement is commonly used when a property owner wishes to remove a co-signer or guarantor from the original deed of trust. By signing this agreement, the co-signer or guarantor relinquishes their responsibility for the repayment of the loan, thereby releasing them from liability. The District of Columbia Change or Modification Agreement of Deed of Trust may also include a Subordination Agreement. This type of agreement is typically used when there are multiple liens or mortgages on a property, and the owner wants to change the priority order. This agreement allows one lien to become subordinate to another, meaning the newly subordinate lien will have a lower priority if the property is foreclosed upon. Moreover, the District of Columbia Change or Modification Agreement of Deed of Trust can incorporate an Extension Agreement. This agreement is used when the borrower needs additional time to repay the loan. By signing this agreement, the parties involved agree to extend the maturity date of the loan, providing the borrower with more time to fulfill their obligation. In summary, the District of Columbia Change or Modification Agreement of Deed of Trust is a legal document that allows for alterations to be made to an existing deed of trust. Some different types of this agreement include the Loan Modification Agreement, Release of Liability Agreement, Subordination Agreement, and Extension Agreement. It is crucial for all parties involved to carefully review and sign this agreement to ensure that the changes are accurately reflected and legally binding.
